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Section 835M The independent investment manager conditionsF1

(1)

The independent investment manager conditions are met in relation to an investment transaction carried out on behalf of a non-UK resident by an investment manager in the United Kingdom if conditions A to E are met.

(2)

Condition A is that at the time of the transaction the investment manager is carrying on a business of providing investment management services.

(3)

Condition B is that the transaction is carried out in the ordinary course of that business.

(4)

Condition C is that, when the investment manager acts on behalf of the non-UK resident in relation to the transaction, the relationship between them, having regard to its legal, financial and commercial characteristics, is a relationship between persons carrying on independent businesses dealing with each other at arm's length.

F2(5)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)

Condition E is that the remuneration which the investment manager receives in respect of the transaction for the provision of investment management services to the non-UK resident is not less than is customary for that class of business.

Annotations

Textual amendments

F1

S. 835M and cross-heading inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 6 para. 11 (with Sch. 9 paras. 1-9, 22)

F2

S. 835M(5) omitted (for chargeable periods beginning on or after 1.1.2026) by virtue of Finance Act 2026 (c. 11), Sch. 7 paras. 23(2), 30

Notes on Chapter 2B

Textual amendments

F1

Pt. 14 Ch. 2B inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 6 para. 1 (with Sch. 9 paras. 1-9, 22)